By Isaac Salima:
Authorities have been reluctant to provide clear information on the current ownership of Amaryllis Hotel, which is at the centre of an acquisition controversy.
The hotel has drawn attention following plans by the Public Service Pension Trust Fund (PSPTF) to acquire it.
However, documents suggest that transactions relating to the purchase were already underway before bank accounts linked to the deal were frozen.
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This has raised questions about who currently owns the property.
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When contacted, Reserve Bank of Malawi spokesperson Boston Banda referred enquiries to the Lands Registry at the Ministry of Lands.
Ministry of Lands spokesperson Fostina Kamanga had not responded to enquiries at the time of publication.
Attorney General Frank Mbeta said: “I am not sure at what stage of the agreement ownership was transferred.”
Yusuf Investment Limited Chief Executive Officer Yusuf Shiraz, whose company was selling the hotel, said he could not disclose the ownership status, describing the matter as private.
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PSPTF spokesperson Yamikani Sekeni also declined to comment on ownership.
“At this stage, the issue surrounding the Amaryllis transaction remains under review by the Public Accounts Committee [Pac]. It would be premature to provide detailed commentary or confirm ownership arrangements while the inquiry is still ongoing,” Sekeni said.
The deal attracted scrutiny after it emerged that PSPTF intended to purchase the hotel for K128.8 billion.
The property was reportedly valued at about K47 billion in 2024, prompting concern from watchdogs and other agencies over possible irregularities.
Pac has been conducting an inquiry into the matter. It was expected to release its findings last month but was directed by Parliament to continue hearing testimony from individuals who had not yet appeared.
A leaked report from the committee faulted several current and former high-profile officials for departing from key principles governing the management of public pension assets.
It recommended suspensions as well as criminal investigations and prosecutions.
Investigations by the Financial Intelligence Authority and the Anti-Corruption Bureau into suspected corruption and money laundering linked to the transaction led to the freezing of bank accounts associated with the deal.
